Reykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project in September to bring volcanic energy to Ethiopia. Tapping long-built Icelandic expertise in channeling volcanic power, the developer is preparing to start exploration drilling in September for two 500-megawatt plants in Corbetti and Tulu Moye, south of the capital Addis Ababa. At full-scale, each project would become the largest independent power producer in Africa, according to RG. The Reykjavik-based company’s exploration teams have picked spots to drill where they can see steam rising from the ground, according to Bloomberg. “They have shown, in particularly over the last year, that they want this to happen and now we have cleared the pathway to go to exploration drilling.” Source- FBC

Source: Ethiopian News March 28, 2026 23:07 UTC